EPFO fixed the interest rate at 8.25% for 2023-24

The interest rate for the years 2023–2024 was set on Saturday by the nation's retirement fund body, EPFO. At 8.25%, this interest rate will be the highest it has been in the previous three years. The Employees Provident Fund Fund's interest rate for 2022–2023 was set by the government in March 2023 at 8.15%. It was 8.10% for 2021–2022, however.

The Employees Provident Fund Organisation lowered the interest rate for 2021–2022 to 8.1% in March 2022—a lower rate than it had been for the previous forty years. The lowest since 1977–1978 was this. At its meeting on Saturday, the EPFO's decision-making body, the Central Board of Trustees (CBT), decided to raise the interest rate for the Employees Provident Fund to 8.25% in 2023–2024. CBT had fixed the interest rate on EPF at 8.5% in March 2021.

In January, EPFO refused to accept an Aadhaar card as an acceptable document for date of birth. Employees' Provident Fund is a mandatory contribution for salaried employees in organizations with twenty or more employees. Under this, 12% of the employee's salary is deposited into the EPF account every month and the same contribution is made by the employer. Of the employer's share, 3.67 per cent is deposited in the EPF account and the remaining 8.33 per cent is deposited in the Employees' Pension Scheme (EPS).